To the unattached students of economics, the late Professor Milton Friedman was a model for clarity of thought and unassailable logic. How he said (or wrote) what he wanted to say was more interesting than what he said. Nothing more. He took a narrow view of economics with his sharp focus on money supply. Tracing all economic ills to the water level of currencies in circulation he wanted the governments to do only its fine turning.

Whether he was right or wrong, the Friedman spell was over powering for the whole of the second half of the twentieth century. His influence on the policy-making levels was decisive. The first to follow his precepts was Paul Volcker, who, as FED chairman, tightened money supply and broke the backbone of inflation in US. The economy was shaken up releasing its latent energy. The resultant liquidity shortage (of dollar) caused hardships in and outside US. But everyone felt thankful that the inflation demon lost its hold. Another fan of his, Margaret Thatcher in UK, also put his formula to use in pushing her pet ideas on governmental role in economic growth. 

But economics is not all inflation control only. Critics found fault with him for taking an exclusive view of the economy banking on monetary determinism. It is also argued that all he did was only to fill up the blanks left by Lord Keynes. By adding inflation and prices to the 'General Theory of Employment and Money' he indeed upgraded the Keynesian thesis. In the process, complaints were galore that his mission, like that of Keynes, was to keep the system (capitalist) alive and preserved for the posterity. If Milton Friedman said anything about economic inequalities, trade and regional development he was not audible enough. In short he refused to understand the political economy of democracy. Preoccupied with monetary imbalance in US he gave little time and guidance to underdevelopment away from his home turf. Whenever he spoke about it he sounded funny. Commenting on India's plans for new automobile units he called them wasteful, as used cars were available aplenty in US at the rate of $3 a piece! 

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